Rapper Wale currently in Nigeria!
He announced his arrival in Nigeria yesterday on his social media pages. ...
30 Jan 2016
$2.1bn arms deal: EFCC operative arrested for collecting N45m bribe from indicted military officers
The Economic and Financial Crimes Commission has arrested one of its operatives, Abdulrahman Mohammed Biu, a Deputy Detective Superintendent for allegedly collecting $150,000 (about N45 million) from seven yet to be named military officers...
Khloe Kardashian looks stylishly hot in braids
Khloe Kardashian looks really good in braids, her new frame suits her as well. More photos after the cut.. ...
See How People gather around madwoman in Aba to get lucky betting numbers (photos)
I don't know how to explain this but I will try. The woman sitting and backing the camera is said to be a mentally unstable woman. The people gathered around her believe she gives...
Photos from Rita Ora's Sexy photoshoot for Lui magazine (18+)
New photos from Rita Ora's photoshoot for Lui magazine shared by photographer Terry Richardson. See the pics after the cut... ...
Dasukigate: Leadership Newspaper returns its share of N9 million
The management of Leadership Holdings Limited, publishers of Leadership newspapers, has returned the N9m it received from the office of former National Security Adviser through the Newspapers Proprietors Association of Nigeria as compensation for...
Phil Collins back with 3rd ex-wife, 8 years after their £25m divorce
Legendary singer Phil Collins, 64, is back with his 3rd former wife, Orianne Cevey, 8 years after he divorced her in one of the most expensive divorce settlements in the UK entertainment world at...
New Ooni Ogunwusi Launches 60 Million Naira Made In Nigeria Buses For Mass Transit In Osun (Photos)
His Imperial Majesty, Ooni Adeyeye Enitan Ogunwusi, Ojaja II, yesterday Thursday 28th January 2016 formally launched “Olofin Adimula Mass Transit Scheme” worth N60 million to force down transport fares. Speaking during the launch at...
Arsenal Set To Sign Nigerian Starlets Kelechi Nwakali & Samuel Chukwueze
Arsène Wenger is confident that Arsenal will complete the signings of the Nigeria youth internationals Kelechi Nwakali and Samuel Chukwueze before the transfer deadline on Monday. But the manager suggested he would make no...
Annie Idibia Awarded African Entertainment Legend Award For Fast Rising Actress (Photo)
The actress received the African Entertainment Legend Award for Fast Rising Actress. Congrats to her! ...
29 Jan 2016
Spread Of Zika Virus Described As Explosive By WHO
The mosquito-born Zika virus may infect up to four million people, the World Health Organization said, as the agency convened to decide if the outbreak should be declared an international health emergency. Dr Margaret Chan, WHO...
Javier Mascherano Sentenced To Jail Over Tax Evasion Charges
Javier Mascherano has been sentenced to a year in prison but is unlikely to ever serve time in jail, after a verdict was reached in his tax evasion case. The Argentine has been fined...
BREAKING NEWS!!! Biafra: Court Rejects Nnamdi Kanu’s Bail Application; See Why
The leader of the Indigenous People of Biafra, Nnamdi Kanu, has asked that the lawyer who served as his lead counsel in previous sittings, M. U. Udechukwu, step down for Chucks Muoma. Mr. Kanu...
Watch Video And Photos Of The Tanzanian Lady Boyfriend Locked In A Pit For 8 Months Being Rescued
The video of the girl being rescued has been released…The Tanzanian lady forcefully spent 8 months in that hole because the boyfriend wanted to get rich fast.It is beyond heartbreaking ..How can a man do...
Undergraduates Rape, Rob Job Seeker, Take naked Photos To Implicate Her
The police in Lagos have arrested two undergraduates for allegedly raping a job-seeker, identified only as Nike, and robbing her of valuables in the Igando area of the state. Punch Metro learnt that the suspects, identified as Valentine and Kusimo,...
'I fear Super Eagles players might reject call ups because of owed salaries' - Sunday Oliseh
Super Eagles of Nigeria head coach Sunday Oliseh fresh from being knocked out of the African Nations Championship (CHAN) has revealed that players might reject future call ups to the squad due to their...
I Cannot Do Without Séx Daily – 16year Old Girl Confesses
16year Old Girl Who was a victim of séxual abuse has made a shocking confession, saying that she cannot do without having séx with men daily. She narrated how an old man, who was...
Chris Brown Shared Photo Of GEJ On His Facebook Page, See What He Wrote
Chris Brown posted this Photo few hours ago on his Facebook Page.. See below:- He was trying to pass a message, Thats when an Unknown Number, Start Texting you that they Miss you and...
Rita Ora poses topless on the cover of Lui magazine
Rita Ora posed topless on an extremely raunchy display in a sexy new shoot for Lui magazine - shot by controversial photographer Terry Richardson. ...
Telecoms Operators Threaten To Shut Down Operations In Six States (See List)
Telecom operators have threatened to shut down network services in seven states over closure of Base Transceiver Stations (BTS) by the state governments. Association of Licensed Telecommunications Operators of Nigeria (ALTON) Chairman, Engr. Gbenga...
Convicted Boko Haram Kingpin, Kabiru Sokoto, Sues FG For N300 Million
The Abuja Division of the Federal High Court has fixed February 4 to hear a fresh suit lodged against the Federal Government by the convicted kingpin of the Boko Haram sect, Kabiru Umar. a.k.a....
Economist magazine calls Goodluck Jonathan an ineffectual buffoon in new article
Imagine them calling a former African president an ineffectual buffoon! In an article titled 'Crude Tactics', Economist magazine described former president Jonathan as an ineffectual buffoon. How disrespectful! The article reads in part; "In...
Rivers state Government asks Amaechi to account for N3 trillion
Rivers State government has called on the Minister for Transport and former Rivers State governor, Chibuike Amaechi, to account for about N3 trillion he received throughout his eight years tenure as the governor of...
The Economist Accuses Buhari Of "Worsening Nigeria's Economy"
Give me lucky generals,” Napoleon is supposed to have said, preferring them to talented ones. Muhammadu Buhari, a former general, has not had much luck when it comes to the oil price. Between 1983 and 1985 he was Nigeria’s military ruler. Just before he took over, oil prices began a lengthy collapse; the country’s export earnings fell by more than half.
The economy went into a deep recession and Mr Buhari, unable to cope, was overthrown in a coup. Now he is president again. (He won a fair election last year against a woeful opponent; The Economist endorsed him.) And once again, oil prices have slumped, from $64 a barrel on the day he was sworn in to $32 eight months later. Growth probably fell by half in 2015, from 6.3% to little more than 3% (see article).
Oil accounts for 70% of the government’s revenues and 95% of export earnings. The government deficit will widen this year to about 3.5% of GDP. The currency, the naira, is under pressure. The central bank insists on an exchange rate of 197-199 naira to the dollar. On the black market, dollars sell for 300 naira or more. Instead of letting the naira depreciate to reflect the country’s loss of purchasing power, Mr Buhari’s government is trying to keep it aloft.
The central bank has restricted the supply of dollars and banned the import of a long list of goods, from shovels and rice to toothpicks. It hopes that this will maintain reserves and stimulate domestic production. When the currency is devalued, all imports become more expensive.
But under Mr Buhari’s system the restrictions on imports are by government fiat. Factory bosses complain they cannot import raw materials such as chemicals and fret that, if this continues, they may have to shut down. Many have turned to the black market to obtain dollars, and are doubtless smuggling in some of the goods that have been banned. Nigerians have heard this tune before. Indeed, Mr Buhari tried something similar the last time he was president. Then, as now, he resisted what he called the “bitter pill” of devaluation.
When, as a result, foreign currency ran short, he rationed it and slashed imports by more than half. When Nigerians turned to the black market he sealed the country’s borders. When unemployment surged he expelled 700,000 migrants. Barking orders at markets did not work then, and it will not work now. Mr Buhari is right that devaluation will lead to inflation—as it has in other commodity exporters. But Nigeria’s policy of limiting imports and creating scarcity will be even more inflationary. A weaker currency would spur domestic production more than import bans can and, in the long run, hurt consumers less.
The country needs foreign capital to finance its deficits but, under today’s policies, it will struggle to get any. Foreign investors assume that any Nigerian asset they buy in naira now will cost less later, after the currency has devalued. So they wait. Those who fail to learn from history... Mr Buhari’s tenure has in some ways been impressive. He has restored a semblance of security to swathes of northern Nigeria that were overrun by schoolgirl-abducting jihadists. He has won some early battles against corruption. Some of his economic policies are sound, too. He has indicated that he will stop subsidising fuel and selling it at below-market prices.
This is brave, since the subsidies are popular, even though they have been a disaster (the cheap fuel was often sold abroad and petrol stations frequently ran dry). If Mr Buhari can find the courage to let fuel cost what the market says it should, why not the currency, too? You can forgive the general for being unlucky; but not for failing to learn from past mistakes.
